Hi, My name is XXXXX XXXXX my goal is to provided you with Excellent Service,
1. Who made the down payment ?
2. Is your ex-girlfriend able to qualify for a mortgage loan to buy you out, if necessary ?
I made down payment, paid closing and have paper trail to prove. Was a required necessity of title company. No she is not able to qualify at this time.
Hi, Brooks, Thank you for your additional information,
I do not see anything favorable for you in signing a Quit Claim Deed to your ex-girlfriend. You would be giving her complete title to the property, but you would still be liable on the mortgage note. She would not be able to pay you for the down payment you made on the house since she does not qualify for a mortgage loan. Worse still, pretty much all notes and mortgages have a "Due on Sale" clause which means that the lender can call in the full amount of the mortgage loan balance if you transfer title to the property.
While I appreciate the fact that you want to be fair, I cannot see any way that you could transfer title to her and be fair to yourself because she will own the property and you will be stuck making the monthly mortgage payment, until the lender finds out about the transfer, then the loan will be immediately payable in full. In such event , you would not even be able to sell the property because it will be in your ex-girlfriend's name,
Please be kind enough to rate Excellent Service" so that I receive credit for assisting you,
Bonus and Positive Feedback on survey is very much appreciated,
(1) You would still be liable under the mortgage note;
(2) She would not be able to buy your interest out since she does not qualify for a mortgage loan
would "Due on Sale" clause on morgage contract even apply if we were going for 50% ownership each. My name would still be on title along with hers
I never like to assume anything because it is usually not safe to assume anything, but normally, if the mortgagor (you) is still in title, the mortgagee (lender) does not consider this a transfer for purposes of calling in the loan,
You are welcome, Brooks, Please do not forget to give me a rating so that I can receive credit for assisting you, otherwise I will not receive any credit for my work,
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).